For the British economy, the sixties were years of bitter disappointment. The real failure of Governments lay not so much in their economic policies as in their extravagant claims of omnicompetence. A credulous public was led to expect El Dorado, found only plenty, and became understandably dissatisfied. Some of the economic problems were found to be intractable. Others could be disposed of, like the heads of the hydra, only at the cost of creating more numerous and more horrifying new ones. Each of the problems became more serious as the decade wore on. The traditional instruments to deal with them seemed less and less effective. The battery of new devices rarely improved upon the old.


Monetary Policy Current Account Capital Account Resale Price Maintenance Income Policy 
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  1. 2.
    E.g. F. W. Paish, Studies in an Inflationary Economy (London, 1966 ), pp. 309–32.Google Scholar
  2. 3.
    Edward Denison, Why Growth Rates Differ: Post-war Experience in Nine Western Countries (Brookings Institution, 1967), p. 327.Google Scholar
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    N. Kaldor, Causes of the Slow Rate of Economic Growth of the United Kingdom (Cambridge, 1966 ).Google Scholar
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    See J. E. Meade, The Theory of Indicative Planning (Manchester, 1970) for an exhaustive theoretical treatment.Google Scholar
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    J. R. Sargent, Economic Journal, 1968.Google Scholar
  6. 12.
    See Andrew Glyn and Robert Sutcliffe, New Left Review 1971.Google Scholar
  7. 15.
    E. J. Mishan, The Costs of Economic Growth (Staples, 1966), had a big impact. For output statistics ignore leisure, and growth statisticsGoogle Scholar
  8. 18.
    N. Kaldor, New Statesman, 12 March 1971.Google Scholar
  9. 20.
    H. Turner, Is Britain Really Strike-Prone? (Cambridge, 1969 ).Google Scholar
  10. 21.
    P. Jenkins, The Battle for Downing Street (London, 1970 ).Google Scholar
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    R. G. Lipsey and J. M. Parkin, Economica, May 1970.Google Scholar

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© Peter Sinclair 1972

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  • Peter Sinclair

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